FNANIAL PLANNNG WORSEET M NE ONE OAL Protection …
FINANCIAL PLANNING WORKSHEET
My new money goal
Setting your sights on a new goal? Once you've decided what you're saving for, how much, and by when, you're ready to use this worksheet to look at your budget and commit to a new saving plan.
Describe your new money goal
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This is
NAME
I want
$ GOAL AMOUNT
by
NUMBER OF YEARS
`s goal as of
MM / DD / YYYY
years, which is equal to
months.
MONTHS = YEARS ? 12
because I want to save for
WHAT AM I SAVING FOR?
To reach my goal by this date, I need to save
GOAL AMOUNT ? MONTHS
per month.
Start with your monthly income
List your sources of income. Include wages, salary, tips, government benefits, investment income, etc.
Income often varies from month to month. It might help you budget more accurately if you list three months of income, and calculate the average.
Fill in all three monthly amounts, even if it's $0. Then for each income source, add the three amounts across the row, and divide by three. Make sure you don't count the "example" amounts when you add the totals at the bottom.
Income source Job 1 (example)
Month 1 $435
Month 2 $480
Month 3 $385
Average $ per month
$433
Totals Consumer Financial Protection Bureau
MY NEW MONEY GOAL WORKSHEET 1 of 4
Examine your monthly expenses
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List your expenses, by category, in the Expense column in the table. Continue your list on additional sheets of paper if you need more space.
Here are a few example expenses you might choose to fill in below, or create your own expenses as needed:
? Home--mortgage, rent, telephone, utilities, internet/cable, maintenance.
? Debt--credit cards, loans.
? Family--day care, child support payments, alimony payments, tuition, school supplies, activities, toys, clothing, laundry and dry cleaning, allowances.
? Food--groceries, restaurants, take-out, coffee, snacks.
? Transportation--fuel, parking, tolls, public transportation, maintenance, car insurance.
? Health--doctor, dentist, medications, insurance, personal care items, gym memberships.
? Web services--Internet service, mobile data plan, games, subscriptions, memberships.
? Entertainment--movies, events, books, subscriptions, music, games.
? Miscellaneous--donations, gifts, pet food, supplies.
Fill in all three monthly amounts, even if it's $0. To help you budget more accurately, list three months of each expense type and look at the average. To do the math yourself, for each expense type, add the three amounts across the row, and divide by three. Don't count the "example" row when you add up the totals.
Expense
Month 1
Month 2
Month 3
Average $ per month
Expense 1 (example)
$510
$460
$345
$438.33
Totals 2 of 4 FINANCIAL PLANNING
Review your savings goals
Fill in the amounts you are saving already, for goals like retirement, an emergency fund, a down payment, a child's education, or a major purchase.
Fill in all three monthly amounts, even if it's $0. To do the math yourself, for each savings goal,
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add the three amounts across the row, and divide by three. Don't count the "example" row when you add up the totals.
Savings goal Goal 1 (example)
Month 1 $33
Month 2 $33
Month 3 $33
Average $ per month
$33
Totals
See what's available for your new goal
Start with your average monthly income. Then subtract your average monthly expenses, and then subtract your average monthly savings.
The amount left is the slack in your budget, if any, that you could use for your new money goal.
AVERAGE MONTHLY INCOME
AVERAGE MONTHLY EXPENSES
AVERAGE MONTHLY SAVINGS
AVAILABLE TO SAVE
See when you can reach your goal
If the amount available to save is greater than the monthly amount needed for your goal, then you can reach your goal on time. If the amount available to
From page 1:
save is less than the monthly amount needed, you might want to make adjustments. Suggestions are on page 4.
MY NEW MONEY GOAL
MONTHS
Can you reach your goal?
>
or
AVAILABLE TO SAVE
<
MONTHLY AMOUNT NEEDED
MONTHLY AMOUNT NEEDED
IF THE MONEY AVAILABLE TO SAVE IS MORE THAN THE MONTHLY AMOUNT NEEDED, CONGRATULATIONS!
MY NEW MONEY GOAL WORKSHEET 3 of 4
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Make adjustments to reach your goal
Increase your income. Maybe you have money from a side job, a bonus, gifts, refunds, or other sources. You could add part of this "extra" money on page 1.
Reduce your expenses to free up money. If you can cut back on expenses and make more money available for saving, adjust the amounts on page 2.
Stretch the time to your goal. Maybe you can give yourself more time to reach your goal. Try filling in a longer amount of time on page 1.
Reduce your goal amount. If you can accomplish your goal with less money, enter a smaller amount on page 1.
Make a promise to yourself
I plan to get to my new money goal of
WHAT AM I SAVING FOR?
by saving
$ GOAL AMOUNT
over
NUMBER OF YEARS
years, which is equal to
months.
MONTHS = YEARS ? 12
Where I am saving my money
BANK OR CREDIT UNION NAME
I plan to use direct deposit, or schedule automatic transfers
to my savings account to make saving hassle-free:
YES
NO
Sign this worksheet and keep it where you can see it.
Signature ______________________________________________________________________________________
About us
The Consumer Financial Protection Bureau (CFPB) is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives.
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MY NEW MONEY GOAL WORKSHEET 4 of 4
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